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Are insecure PINs leaving people vulnerable to fraudulent bank charges?

Many people are leaving themselves susceptible to fraudulent bank charges because they have insecure PINs.

A study by Data Genetics revealed that the most popular four-digit password, out of a database of 3.4 million PINs, was 1234.

Approximately 11 per cent of all PINs were this combination, the investigation found.

The second most commonplace PIN was 1111, shared by six per cent of individuals, followed by 0000, which was used by 1.8 per cent.

By using the top 20 most common passwords, a scammer could make credit card charges with 26.83 per cent of all accounts, while using the top five numbers could crack 20 per cent of all codes, the research found.

The researcher used information condensed from exposed, released and discovered credit card password tables, as well as data from security breaches.

"Whether banking online or entering your PIN details in a public place, you should always be vigilant," the Royal Bank of Scotland warns.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801454970-ADNFCR

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